Tired Talking Points on the Economy aren't based in Reality

Marc H. Morial, President and CEO of the National Urban League

From the Desk of Marc H. Morial: Tired Talking Points on the Economy aren't based in Reality

Rising unemployment and stalled job growth illustrate why proposed drastic tax cuts and elimination of vital federal programs could further damage the economy. Over and over, we hear the politicians in Washington reciting their tired talking points about tax cuts. But with the average tax rate at its lowest in more than half a century, we have not seen the job creation or economic growth they claim would result. Average tax rates are lower now than they were under President Reagan – the lowest rate, in fact, since the numbers begun to be tracked in 1955. Far from stimulating the economy, the Bush tax cuts accounted for almost half of the skyrocketing deficits the U.S. saw during his Presidency, and if made permanent, over the next 10 years would contribute more to the U.S. budget deficit than the Obama stimulus, the TARP program, the wars in Afghanistan and Iraq, and revenue lost to the recession combined. Nor did the cuts produce significant job creation - Compare the  3 million jobs created under President Bush, after tax cuts, with the  23 million produced during Bill Clinton's presidency, after a targeted tax increase. Quite simply, we can’t reduce the federal deficit by restricting revenue, and we can’t solve the jobs crisis without targeted investment. 

Learn more about the National Urban League’s 12-point plan for job creation: http://www.iamempowered.com/sites/default/files/12-point_jobs_rebuild_america_plan.pdf